Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost p;rinciples contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mid-Ohio Valley Transit Authority has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Mid-Ohio Valley Transit Authority under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule represents only the selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net asets, or cash flows of the Mid-Ohio Valley Transit Authority.
Title: Capital Expenditures/Noncash Assistance Expended
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost p;rinciples contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mid-Ohio Valley Transit Authority has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
During certain fiscal years, the West Virginia Department of Transportaion - Dividision of Public Tranist may purchase capital expenditures as nonmonetary federal assistance for the Mid-Ohio Transit Authority. The amount of the nonmonetary federal assistance for the Mid-Ohio Valley Transit Authority from the West Virginia Department of Transportation- Division of Public Transit amounted to $0 as of June 30, 2024.
Title: Assistance Listing (Catalog of Federal Domestic Assistance (CFDA)
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost p;rinciples contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mid-Ohio Valley Transit Authority has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Assistance Listing (AL) has replaced the Catalog of Federal Domestic Assistance (CFDA) for identifying federal programs.
Title: Pass-Through to Subreceipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost p;rinciples contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mid-Ohio Valley Transit Authority has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
There were no awards passed-through to subrecipients.